WEST VIRGINIA S N A P S H O T A MONTHLY UPDATE OF THE FIFTH DISTRICT FEDERAL RESERVE BANK OF RICHMOND. September 2018

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1 September 18 September Summary Economic reports on were somewhat mixed in recent months. The household unemployment rate rose despite a modest increase in payroll employment. Meanwhile, housing market reports varied. Labor Markets: Payroll employment in rose.1 percent in July, as employers in the state added 9 jobs, on net. The trade, transportation, and utilities industry reported the largest employment gain ( jobs or. percent) in July. Job gains were also reported in education and health services, professional and business services, construction, financial activities, and the government sector. On the downside, declines were reported in manufacturing ( jobs), mining and logging ( jobs), other services ( jobs), and leisure and hospitality (1 jobs). Since July 17, total employment in increased 1. percent (7, jobs). The construction industry reported the largest percentage and absolute increase (8. percent or, jobs) since last July. Education and health services (1,7 jobs), trade, transportation and utilities (1, jobs) and leisure and hospitality (1,1 jobs), also saw notable increases over the year. Meanwhile, the only industries to report job cuts since last July were other services (1, jobs), information ( jobs), and manufacturing (1 jobs). Household Conditions: The unemployment rate in edged up.1 percentage point to. in July and was up. percentage point from a year earlier. In the second quarter of 18, the share of mortgages in with payments 9 or more days past due remained at 1. percent. Delinquency rates for fixed and adjustable rate conventional loans declined in the second quarter, to.9 percent and. percent, respectively. In the first quarter of 18, real personal income in rose. percent and was up.7 percent since the first quarter of 17. Housing Markets: issued new residential permits in July, down from 1 in June but slightly up from the permits issued in July 17. Permitting activity varied in the month among the state s metro areas. The Parkersburg and Charleston MSAs reported increases during the month, while the Huntington MSA reported a decrease. Housing starts in totaled, in July, down. percent in the month and down 8. percent from last July. According to CoreLogic Information Solutions, home values in the state appreciated 1. percent in June and were up.1 percent on a year-over-year basis. A MONTHLY UPDATE OF THE FIFTH DISTRICT A Closer Look at Gross Domestic Product Gross State Product (GDP): Nominal GDP per capita in 17: $,91 Rank of nominal GDP per capita among U.S. states: 8 Real GDP growth from 1-17:. percent Annualized real GDP growth from 7-17:.9 percent Real Gross Domestic Product in Share by Industry Natural Resources Construction Manufacturing Trade, Transportation & Utilities Information Financial Activities Professional & Business Services Education & Health Services Leisure & Hospitality Other Government Percent 1

2 September 18 Labor Market Conditions Payroll Employment Performance Payroll Employment (SA) Period Level (s) MoM % Change YoY % Change Year-over-Year Percent Change in July 18 - Total July 19, Fifth District - Total July 1, Total July Logging and Mining July Construction July Manufacturing July Trade, Transportation, and Utilities July Information (NSA) July Financial Activities July.8.7. Professional and Business Services July Education and Health Services July Leisure and Hospitality July Other Services July Total Employment Performance Government July Year-over-Year Percent Change in July 18 Metro Payroll Employment (NSA) Period Level (s) YoY % Change Beckley MSA - Total July. -. Charleston MSA - Total July Huntington MSA - Total July Morgantown MSA - Total July Parkersburg MSA - Total July Total Logging and Mining Construction Manufacturing Trade, Transportation, and Utilities Information (NSA) -.7 Financial Activities Professional and Business Services Education and Health Services (SA) Fifth District (SA) (SA) Beckley MSA Charleston MSA Leisure and Hospitality Other Services Government Huntington MSA -.1 Morgantown MSA.9 Parkersburg MSA

3 September 18 Labor Market Conditions Unemployment Rate Unemployment Rate (SA) July 18 June 18 July 17 Through July Fifth District Beckley MSA...7 Charleston MSA..1. Huntington MSA.7.. Morgantown MSA...9 Parkersburg MSA... Civilian Labor Force (SA) Period Level (s) MoM % Change YoY % Change July 1, Fifth District July 1, July Beckley MSA July Labor Force Charleston MSA July Year-over-Year Percent Change through July 18 Huntington MSA July Morgantown MSA July 9..8 Parkersburg MSA July Initial Unemployment Claims (NSA) Period Level MoM % Change YoY % Change July 9, Fifth District July, July,

4 September 18 Household Conditions Real Personal Income Real Personal Income (SA) Period Level ($mil) QoQ % Change YoY % Change Year-over-Year Percent Change through Q1:18 Q1:18 1,7, Fifth District Q1:18 1,, Q1:18 1,..9 Non-Business Bankruptcies Period Level QoQ % Change YoY % Change Q:18, Fifth District Q:18 1,7.1. Q: Mortgage Delinquencies (% 9+ Days Delinquent Q:18 Q1:18 Q:17 All Mortgages Conventional - Fixed Rate Conventional - Adjustable Rate Mortgage Delinquencies Percent 9+ Days Delinquent through Q:18 All Mortgages Conventional - Fixed Rate Conventional - Adjustable Rate

5 September 18 Real Estate Conditions New Housing Units Permits: New Private Housing Units Period Level MoM % Change YoY % Change Year-over-Year Percent Change through July 18 July 11, Fifth District July 1, July Charleston MSA July Huntington MSA July Morgantown MSA July ---. Parkersburg MSA July Total Private Housing Starts (SAA Period Level (s) MoM % Change YoY % Change July 1, Fifth District July July House Price Index (=1) Period Level MoM % Change YoY % Change House Price Index (CoreLogic) June Year-over-Year Percent Change through June 18 Fifth District June June Charleston MSA June Huntington MSA June Morgantown MSA June Parkersburg MSA June Median Home Sales Price - NAR (NS Period Level ($s) QoQ % Change YoY % Change Charleston MSA Q: